BULLETIN V2024-1052
CANEX METALS INC. ("CANX")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: April 10, 2024
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing, documentation pertaining to the option agreement dated March 1, 2024 and the amending agreement dated March 28 2024 (collectively, the "Agreements") entered into between Canex Metals Inc. (the "Company") and an arm's length vendor (the "Vendor"), for the acquisition of the Louise Copper and Gold Project (the "Property") located in central British Columbia, Canada. Pursuant to the terms of the Agreements, the Company has the right to acquire a 100% interest in the Property by paying in either cash or shares a total consideration of $875,000 over a 5-year period, which include bonus exploration milestone payments. The Property is subject to a 2.5% net smelter returns royalty payable to the Vendor, of which 1.0% can be purchased by the Company for a cash payment of $1,500,000. The Company will retain a right of first refusal on the sale of the Vendor's royalty interest.
CONSIDERATION
$10,000 in shares or cash on upon TSXV approval
$25,000 in shares or cash on or before March 1st, 2025
$50,000 in shares or cash on or before March 1st, 2026
$90,000 in shares or cash on or before March 1st, 2027
$200,000 in shares or cash on or before March 1st, 2028
$400,000 in shares or cash on or before March 1st, 2029
$50,000 in shares or cash if the Company drills over 4,250 metres of core
$50,000 in shares or cash if the Company publishes a resource estimate with greater than 1.5 million contained ounces of gold
For further details, please refer to the Company's news releases dated March 5, 2024 and April 9, 2024.
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